STORY HIGHLIGHTS

AIIB board of governors meeting

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Added On June 18, 2017

Chief of the China-initiated Asian Infrastructure Investment Bank (AIIB) vows to help tackle major challenges of infrastructure gap and climate change by investing in infrastructure and other productive sectors.

AIIB President Jin Liqun made the remarks in his opening address for the second annual meeting of the AIIB's board of governors, which kicked off in South Korea's southern resort island of Jeju.

SOUNDBITE (ENGLISH): JIN LIQUN, AIIB President

"Our approach is to support economic and social development by investing in infrastructure and other productive sectors. We will not, and cannot, change the course of the planet alone, but we will step up, alongside our members and partners, to do our part to build a sustainable tomorrow."

Officially launched in January 2016, the Beijing-based AIIB is a multilateral development bank, which will provide financing for infrastructure improvement in Asia.

SOUNDBITE (ENGLISH): JIN LIQUN, AIIB President

"In an increasingly globalized world, partnerships and cooperation are vital. AIIB is the newest member of the family of multilateral financial institutions and development banks. We are working with our sister MDBs. As the traditional Chinese saying goes, when we all chip in and add wood to the bonfire, the flames will go much higher."

This year's annual meeting brought together about 2,000 participants, including delegations of both 57 founding members and 20 new members, international organizations and academia as well as businessmen, financiers and journalists.

During the business session, the AIIB board of governors approved Argentina, the Republic of Madagascar and the Kingdom of Tonga as new members, raising the total approved membership to 80.